Electronic Arts has agreed to buy Codemasters for about $ 1.2 billion.
The acquisition, which is expected to end in the first quarter of 2021, is based on a price of 98 7.98 per share per UK publisher.
In an explanation for the deal, Codemasters chairman Hekart Florin said the two companies “have a shared ambition to lead the video game racing genre.”
“We hope this union will provide an exciting and prosperous future for Godmasters, allowing our teams to create, launch and serve great and great games for a very interested audience,” Florin said in a statement.
E.A. CEO Andrew Wilson added: “Our industry is growing, the type of racing is growing, and together we will be at the forefront of a new era of racing entertainment.
“Through EA’s technology, platform expertise and global accessibility, this combination will allow us to grow our existing owners and provide industry-defined racing experiences to a global fan base.”
Upon completion of the deal, Racing IPs will be added to EA’s standard position, including Formula One, Dirt, Grid and Project cars. EA already owns established owners such as Need for Speed, Burnout and Real Racing.
Frank Sagnier, CEO of Codemasters, and CFO Rashid Varachia will remain in the same roles with the entire senior executive board of Godmasters once the acquisition is complete.
This is a surprising development in the story surrounding the acquisition of Godmasters, and Take-To Interactive led the process until recently. That auction was considerably lower, however, estimating the codemasters at around $ 70,870 million.
Reports of EA’s interest in acquiring the company only surfaced this weekend.